Is it safe to move mothers savings to high interest online banks?

[Anonymous]

Anonymous wrote:

Which banks are offering 5% on savings?

CFG Bank in Baltimore

https://www.cfg.bank/personal-banking/personal-deposit-rates/

[Anonymous]

Anonymous wrote:Citbank Platinum Savings is paying 4.75%. Must maintain a $10,000 balance. Citbank Connect Savings pays 4.5, no balance requirement. I've been very happy with them.

I have never heard of Citbank. Seems odd to me that it has a name so close to Citibank and Citizen's Bank, two reputable well-known banks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Citbank Platinum Savings is paying 4.75%. Must maintain a $10,000 balance. Citbank Connect Savings pays 4.5, no balance requirement. I've been very happy with them.

I have never heard of Citbank. Seems odd to me that it has a name so close to Citibank and Citizen's Bank, two reputable well-known banks.

Seems odd to me that someone wouldn't literally 2 seconds of research before spouting off. CIT Bank is a division of First-Citizens, a large regional bank.

[Anonymous]

Anonymous wrote:Citbank Platinum Savings is paying 4.75%. Must maintain a $10,000 balance. Citbank Connect Savings pays 4.5, no balance requirement. I've been very happy with them.

Yeah, they have probably one of the highest deposit rates but you do have to wait for a week until your balances become available after you make a new deposit.

[Anonymous]

I use Ally for all checking and savings. I have like $90k there.

Way under FDIC limit, no concerns.

[Anonymous]

Why not put it in a vanguard or fidelity money market fund?